# Battery anode materials: Trading

Who buys anode and why prices sit near cost

Source page: https://www.materialinsights.org/chemicals/anode_materials/trading/

What this tab covers How it is bought and sold: buyers and sellers, price benchmarks and who publishes them, exchanges, contract types, traders, how Indian buyers price it, recent price points, and good sources to follow.

#### Who buys, and where

- Chinese cell makers (CATL, BYD, CALB, EVE)
- Korean and Japanese cell makers with plants in the US, Europe and Indonesia
- Indian cell makers (Ola, Reliance, Agratas, Amara Raja) buying imported anode or cells

#### Who sells, and from where

- Chinese anode makers (BTR, Shanshan, Putailai, Shangtai, Kaijin)
- POSCO Future M (Korea)
- Syrah (US)
- Future Indian supply from Epsilon

#### Price benchmarks

| Benchmark | Publisher | Basis |
|---|---|---|
| **SMM anode material prices (synthetic and natural, by grade)** | Shanghai Metals Market | daily, CNY/t |
| **Fastmarkets spherical graphite and flake** | Fastmarkets | weekly, $/t FOB China |

#### Exchanges

| Venue | Contract | Notes |
|---|---|---|
| **None** | no anode or graphite futures | all trade bilateral |

#### Contract types

- Annual frame contracts with quarterly price resets
- Long qualification (often 1-2 years) before supply
- Tolling for graphitisation

#### Traders and distributors

- Few; sales are direct from anode maker to cell maker

#### How Indian buyers price it

- India imports cells or anode at Chinese export prices; no DGTR duty on anode found in sources used
- Domestic electrode makers price graphite electrodes, not anode, today

#### Recent price points

| Date | Price | Basis | Source |
|---|---|---|---|
| May 2023 | **$2,000-2,300/t** | spherical graphite 99.95% C, 15 micron, FOB China | Fastmarkets via graphite tile |
| Q3 2025 | **$625/t** | Syrah realised flake price | graphite tile (Ecofin) |

#### Good sources to follow
[SNE Research press releases](https://sneresearch.com/en/insight/release_view/430/page/0)freemium research site · SNE Research

battery material market tracking including anode
[SMM anode market analysis](https://news.metal.com/newscontent/103418985)freemium newsletter · Shanghai Metals Market

Chinese anode output, shares and input prices
[Asian Metal graphite news](https://www.asianmetal.com/news/2228207/BTR-achieves-record-artificial-graphite-sales-in-H1)freemium newsletter · Asian Metal

graphite and anode company results
[EVreporter](https://evreporter.com/)free newsletter · EVreporter (India)

Indian battery materials projects

## Other sections

- [Summary](https://www.materialinsights.org/chemicals/anode_materials/index.md)
- [Overview](https://www.materialinsights.org/chemicals/anode_materials/overview/index.md)
- [Correlation](https://www.materialinsights.org/chemicals/anode_materials/correlation/index.md)
- [Production route](https://www.materialinsights.org/chemicals/anode_materials/routes/index.md)
- [Production](https://www.materialinsights.org/chemicals/anode_materials/production/index.md)
- [Feedstocks](https://www.materialinsights.org/chemicals/anode_materials/feedstocks/index.md)
- [Cycles](https://www.materialinsights.org/chemicals/anode_materials/cycles/index.md)
- [Movement](https://www.materialinsights.org/chemicals/anode_materials/movement/index.md)
- [Regulation](https://www.materialinsights.org/chemicals/anode_materials/regulation/index.md)
- [Characteristics](https://www.materialinsights.org/chemicals/anode_materials/characteristics/index.md)
- [Emissions](https://www.materialinsights.org/chemicals/anode_materials/emissions/index.md)
- [Relationships](https://www.materialinsights.org/chemicals/anode_materials/links/index.md)